Year-End Money Checklist for Canadians: 8 Moves Before December 31

The 2026 tax year's hard deadlines land on December 31, 2026, and one of the most important deadlines isn't even in December. This checklist covers the eight money moves that matter most before year-end: TFSA and FHSA contributions, charitable donations, tax-loss selling, instalment payments, and the RRSP deadline that most Canadians misremember. All amounts are in Canadian dollars and all deadlines follow Canadian tax rules, current as of October 2026.

Key takeaways

• Charitable donations, TFSA and FHSA contributions for the 2026 tax year must be completed by December 31, 2026.
• The RRSP deadline is the exception: contributions made through the first 60 days of 2027 (deadline March 1, 2027) still count for 2026.
• If you plan to sell losing investments to offset gains, brokerages' published settlement deadlines (practically December 30) matter more than New Year's Eve.
• Withdrawing from a TFSA on December 31 instead of January 1 restores your contribution room a full year sooner.
• Quarterly tax instalments are due December 15, 2026, not December 31.

1. Top up your TFSA before December 31

The Tax-Free Savings Account (TFSA) has no annual contribution deadline like the RRSP, but your 2026 room only exists within 2026. The 2026 annual TFSA limit is $7,000, and unused room carries forward indefinitely, so there is no penalty for skipping a year beyond missing out on tax-free growth.

Before contributing, check your available room in CRA My Account. Over-contributions are penalized at 1% per month on the excess, so this is one area where guessing is expensive. If you do not know your exact limit, do not contribute until you confirm it.

There is also a timing quirk worth planning around. Any amount you withdraw from a TFSA is added back to your contribution room, but not until January 1 of the following year. Withdraw on December 31, 2026 and the room returns on January 1, 2027; withdraw on January 1, 2027 instead and the same room does not come back until January 1, 2028. If you are planning a large withdrawal around year-end, moving it a day earlier can be worth a full year of room.

2. Get the RRSP deadline right, it is not December 31

This is the single most misunderstood date in Canadian personal tax. For the 2026 tax year, you can contribute to your Registered Retirement Savings Plan (RRSP) through the first 60 days of 2027, up to and including March 1, 2027, and still deduct the contribution on your 2026 return. (For the 2025 tax year, the equivalent deadline was March 2, 2026, because 2026 is a leap year.)

The 2026 RRSP contribution limit is $33,810, or 18% of your 2025 earned income, whichever is lower, plus any unused room carried forward and minus any pension adjustments. Like the TFSA, unused room carries forward indefinitely, the December rush simply matters less for the RRSP than it does for accounts with true year-end deadlines.

One practical move: if you expect a year-end bonus or have cash sitting in a non-registered account, contributing to your RRSP early in the new year still reduces your 2026 taxable income. There is no December urgency, but there is also no reason to leave deductible room on the table if you have the funds.

3. Contribute to your FHSA by December 31

Unlike the RRSP, the First Home Savings Account (FHSA) runs on a calendar-year clock. To claim a deduction for the 2026 tax year, you must contribute by December 31, 2026. The FHSA annual limit is $8,000, with a lifetime cap of $40,000, and unused annual room carries forward (up to $8,000), but grants and room structure make this the registered account where a missed calendar year can cost you.

This is exactly where people get tripped up: the RRSP and FHSA look similar (both give a deduction) but live on different calendars. If you hold both accounts and only fund one before year-end, fund the FHSA, the RRSP will still accept your 2026 contribution until March 1, 2027.

4. Make charitable donations by December 31

Donations to registered Canadian charities must be made by December 31, 2026 to be claimed on your 2026 tax return. In any one tax year, you can claim donations made by December 31 of that year, plus any unclaimed donations from the previous five years, up to 75% of your net income. The federal credit is 15% on the first $200 and 29% on amounts above that, effectively the top marginal rate regardless of your personal tax bracket.

Two practical notes from CRA guidance: online donations are dated when the payment is processed, and mailed cheques are generally treated as made on the postmark date, so the last week of December is a poor time to rely on the post. If you and your spouse both donate, combine everything and claim it on one return for the maximum credit.

Donating appreciated publicly traded securities instead of cash can produce additional tax savings, since you avoid capital gains tax on the shares while still getting a receipt for the full fair market value. That one is worth a conversation with your accountant before you execute it.

5. Do your tax-loss selling before the settlement cutoff

If you hold investments that have fallen in value, selling them before year-end lets you realize capital losses that offset capital gains you triggered earlier in 2026. But the practical cutoff lands before December 31: CRA looks at the settlement date, not the trade date, and with the standard one-day settlement cycle (T+1), the last practical trade date for 2026 settlement is expected to be December 30.

Brokerages publish their own year-end trading deadlines in December, and that published date, not the last trading day of the year, is the one to work to. Check yours before Christmas week.

Also mind the superficial loss rule: if you sell a security at a loss and you, your spouse, or an affiliated entity repurchases it within 30 days (and still holds it at the end of that period), the CRA will deny the capital loss. If you want to keep the position, wait out the 30 days or accept that the loss cannot be claimed.

6. Pay your fourth-quarter instalment by December 15

If you pay income tax in quarterly instalments, typically self-employed Canadians and some investors, the fourth-quarter instalment is due December 15, 2026, not December 31. Missing it triggers instalment interest. Mark this one separately from the year-end list, because it arrives two weeks early.

7. Use up benefits that expire at year-end

Many employer benefits run on a calendar-year cycle and do not roll over: health and dental coverage maximums, paramedical services (physiotherapy, massage), vision care, and any health spending or wellness accounts. Whatever you do not use by December 31 is typically gone.

October and November are the right months to book appointments, December slots fill up. Also review whether any flexible benefits or insurance elections for 2027 need to be confirmed before the plan year turns over. And if your employer offers an RRSP or deferred profit-sharing match, make sure you are contributing enough to capture the full match before the year closes.

8. If you turn 71 in 2026, convert your RRSP by December 31

If you turned 71 in 2026, December 31, 2026 is the deadline to collapse or convert your RRSP, usually into a Registered Retirement Income Fund (RRIF) or an annuity. Withdrawals become mandatory under the Income Tax Act after this point, and financial institutions generally need several business days to process a request in late December, so this cannot be a New Year's Eve errand. If you have unused RRSP contribution room, consider making your final 2026 contribution before the conversion.

A note on mortgages and the Bank of Canada

The Bank of Canada held its overnight rate at 2.25% on September 2, 2026, the seventh straight hold since the last cut in October 2025, and warned that tariff-driven inflation risks could push prices higher before rates come down. The next scheduled decision is October 28, 2026, after this article's publication date; see our coverage at coverage of the October 28 decision for the outcome.

If your mortgage renews in the next year, this context matters: CMHC's 2026 Mortgage Consumer Survey found that homeowners who renewed in the past 18 months are absorbing an average payment increase of $375 a month, with 35% saying it created real budget pressure. Our guide at mortgage renewal guide walks through rate holds, shopping lenders, and stress-testing your budget.

Practical next steps

• Log in to CRA My Account this week and record your exact TFSA and RRSP room, every contribution decision flows from those two numbers.
• Put four dates on your calendar now: December 15 (instalment), December 30 (last practical trading day), December 31 (TFSA, FHSA, donations, RRSP conversion), and March 1, 2027 (RRSP contribution deadline).
• Check your brokerage's published year-end trading deadline before Christmas week, it overrides any general calendar.
• Book any remaining benefits appointments in November, not December.
• If you are buying holiday gifts, our early guide at Black Friday early planning guide covers planning around the November 27 sale.

The bottom line

December 31 is a wall for donations, TFSA and FHSA contributions, and RRSP conversions, but the RRSP contribution deadline itself lives in the new year (March 1, 2027 for the 2026 tax year). Get those two calendars straight, handle instalments on December 15, trade losses by December 30, and you will enter 2027 with nothing left on the table.

This article is general information about Canadian tax rules, not tax advice for your situation. Contribution room, pension adjustments, and eligibility vary person to person, confirm your numbers in CRA My Account or with a qualified professional before acting.

Sources

• Canada.ca, Did you donate to a charity? You may be able to claim a charitable donation tax credit
• BMO Nesbitt Burns, 2026 Personal Tax Calendar
• The Canadian Wire, Canadian Tax Deadlines: What Is Due by December 31, 2026
• Money.ca, Bank of Canada holds interest rate at 2.25%, flags hike risk (September 2, 2026)
• Sun Life Global Investments, Comparison of tax-advantaged savings accounts: TFSA, RRSP and FHSA
• Lend For All Canada, TFSA vs RRSP: Which One Should You Contribute to First?